John Searle has proposed one of the most influential contemporary accounts of social ontology. According to Searle, institutional facts are created by the collective assignment of a specific kind of function —status-function— to pre-existing objects. Thus, a piece of paper counts as money in a certain context because people collectively recognize it as money, and impose a status upon it, which in turn enables that piece of paper to deliver certain functions (means of payment, etc.). The first (...) part of this essay presents Searle’s theory of social ontology and summarizes his views on money. The second part centers on criticisms of his views and compares his theory with its main competitors, including the theories of Tuomela, Guala and Hindriks, and Smit, Buekens and Duplessis. The conclusion attempts to see what may remain of Searle’s theory after careful examination. (shrink)

The suggestions outlined here include the following. Money is a bundle of institutionally sustained causal powers. Money is an institutional universal instantiated in generic currencies and particular money tokens. John Searle’s account of institutional facts is not helpful for understanding the nature of money as an institution (while it may help to illuminate aspects of the nature of currencies and money particulars). The money universal is not a social convention in David Lewis’s sense (while (...) currencies and money particulars are characterized by high degrees of conventionality). The existence of the money universal is dependent on a larger institutional structure and cannot be understood in terms of collective belief or acceptance or agreement separately focusing on money. These claims have important implications for realism about money. (shrink)

Macroeconomic traditions disagree on the policies needed for the economy to properly function and how to assess them. In this paper, we contend that these disagreements originate from the social ontological commitments of a theory. The ontology of money underlines these disagreements between Modern Monetary Theory (MMT) and mainstream economics. First, we assess MMT’s ontology of money. Next, we identify MMT’s normative commitments and classify MMT’s ontology as a taxonomic definition with thick concepts. Finally, we (...) offer reasons why MMT's ontology of money leads to rivalries with other economic traditions. We argue disagreements on policy are expected, given the ontological differences elaborated. (shrink)

This (somewhat polemical) paper focuses on the ontological nature of money and draws comparisons to the ontological status of gauge freedom in physics. The parallels allow us to move beyond the social constructivist theories of Searle et al., and thereby avoid some pitfalls with such views. Since we have a reasonably good grasp of the ontological features in the physics context, we can pull back lessons from there onto the economic domain. In general, we find that this approach offers (...) a nice lens through which to view the ontological peculiarities of money. (shrink)

What does being money consist in? We argue that something is money if, and only if, it is typically acquired in order to realise the reduction in transaction costs that accrues in virtue of agents coordinating on acquiring the same thing when deciding what thing to acquire in order to exchange. What kinds of things can be money? We argue against the common view that a variety of things (notes, coins, gold, cigarettes, etc.) can be money. (...) All monetary systems are best interpreted as implementing the same basic protocol. Money, i.e. the thing that we coordinate on acquiring in order to lower our transaction costs, is, in all cases, a set of positions on an abstract mathematical object, namely a relative ratio scale. The things that we ordinarily call ‘money’ are merely records of positions on such a scale. (shrink)

Today, money takes an important role in our life, which is accompanied by a special mental phenomenon, i.e., fetish of money. Generally, this phenomenon occurs in modern society characterized by the money economy system. And this paper tries to give a systematic argument of fetish of money in order to uncover the ontological ground of it. It will be clarified in three parts. First, the reason why money and fetish of money are historically inevitable (...) in history will be listed out and analyzed, through the discussion about the separation of individuality from sociality. Second, the ontological ground of fetish of money will be demonstratedbased on the argument of individual freedom in the way which history is considered identical with logic. This part will involve the analyses of the relationship between money and positive individual freedom, of the relationship between fetish of money and abstract individual freedom, and of mysteriousness of money and religiousness of fetish of money. Finally, there is an attempt to answer the question whether it is possible to overcome fetish of money. (shrink)

This book examines the characteristics of monetary institutions and the ways in which a clear understanding of money, and a sense of what we can know about money, can improve our comprehension on monetary policy. It establishes a link between abstract and theoretical aspects of monetary theory and the problems with money and banks we face today.

In this paper we propose an Ontology of Commercial Exchange (OCE) based on Basic Formal Ontology. OCE is designed for re-use in the Industrial Ontologies Foundry (IOF) and in other ontologies addressing different aspects of human social behavior involving purchasing, selling, marketing, and so forth. We first evaluate some of the design patterns used in the Financial Industry Business Ontology (FIBO) and Product Types Ontology (PTO). We then propose terms and definitions that we believe will improve (...) the representation of contractual obligations, sales processes, and their associated documents. A commercial exchange, for instance, involves mutual agreement to reciprocate actions, such as transferring money, performing a service, or transferring goods. (shrink)

One famous scene in The Wolf of Wall Street (2013) is the dialogue between the young Jordan Belfort (Leonardo DiCaprio) and the expert trader Mark Hanna (Matthew McConaughey). Hanna is complaining that the stock market is unpredictable; it’s “fugazi … it’s fairy dust. It doesn’t exist. It’s never landed. It is not matter. It’s not on the element chart. It’s not real”. But the fact that something is unpredictable and non-physical does not imply that it does not exist. On the (...) other hand, its unpredictability, non-physicality, and the fact that the stock market trend is largely determined by investors’ beliefs, do make its nature difficult to grasp. -/- This special issue of Rivista di Estetica aims to explore the financial sector from an ontological point of view. While the ontology of money has been extensively studied, few scholars have focused on the stock market and, more generally, on those entities belonging to the investment landscape. Matters are made more complicated by the fact that the financial sector is characterized by an ever-increasing use of digital technology, including software elements that trade in the market themselves. We believe that a careful study of this phenomenon may help us better to understand the role of artificial agents in the social world. (shrink)

This paper considers the boundary that separates marketable from non-marketable items. First, it examines the issue of blocked exchanges, that is, exchanges that cannot and/or should not take place. Second, it proposes to synthesise the seemingly separate issues of blocked exchanges from a single perspective based on critical realist ontology. Finally, it tackles some scepticism and criticism that has been levelled against the idea that ontology can be useful in determining a market boundary.

This chapter provides an introduction to the emerging field of the philosophy of money and finance. The field addresses philosophical issues about the nature of money and the normative foundations of financial systems. Although philosophical theorizing about money and finance dates back to Antiquity, the topic has only recently emerged as a central research focus. The chapter also introduces the present anthology and locates its parts and chapters in the broader field. More specifically, the anthology is divided (...) into four main parts: Metaphysics, Epistemology, Ethics, and Political Philosophy. Each part contains four chapters on different but interrelated topics, which are all introduced here. (shrink)

One famous scene in The Wolf of Wall Street (2013) is the dialogue between the young Jordan Belfort (Leonardo DiCaprio) and the expert trader Mark Hanna (Matthew McConaughey). Hanna is complaining that the stock market is unpredictable; it’s “fugazi … it’s fairy dust. It doesn’t exist. It’s never landed. It is not matter. It’s not on the element chart. It’s not real”. But the fact that something is unpredictable and non-physical does not imply that it does not exist. On the (...) other hand, its unpredictability, non-physicality, and the fact that the stock market trend is largely determined by investors’ beliefs, do make its nature difficult to grasp. -/- This special issue of Rivista di Estetica aims to explore the financial sector from an ontological point of view. While the ontology of money has been extensively studied, few scholars have focused on the stock market and, more generally, on those entities belonging to the investment landscape. Matters are made more complicated by the fact that the financial sector is characterized by an ever-increasing use of digital technology, including software elements that trade in the market themselves. We believe that a careful study of this phenomenon may help us better to understand the role of artificial agents in the social world. (shrink)

Economic forecasting is famously unreliable. While this problem has traditionally been blamed on theories such as the efficient market hypothesis or even the butterfly effect, an alternative explanation is the role of money – something which is typically downplayed or excluded altogether from economic models. Instead, models tend to treat the economy as a kind of barter system in which money's only role is as an inert medium of exchange. Prices are assumed to almost perfectly reflect the 'intrinsic (...) value' of an asset. This paper argues, however, that money is better seen as an inherently dualistic phenomenon, which merges precise number with the fuzzy concept of value. Prices are not the optimal result of a mechanical, Newtonian process, but are an emergent property of the money system. And just as quantum physics has its uncertainty principle, so the economy is an uncertain process which can only be approximated by mathematical models. Acknowledging the dynamic and paradoxical qualities of money changes our ontological framework for economic modelling, and for making decisions under uncertainty. Applications to areas of risk analysis, forecasting and modelling are discussed, and it is proposed that a greater appreciation of the fundamental causes of uncertainty will help to make the economy a less uncertain place. (shrink)

How are core social phenomena to be understood as modes of being? This book offers an alternative approach to social ontology. Recent interest in social ontology on the part of mainstream philosophy and the social sciences presupposes from the outset that the human being can be cast as a conscious subject whose intentionality can be collective. By contrast, the present study insistently poses the crucial question of who the human being is and how they sociate as whos. Such (...) whoness is a clean-cut departure from the venerable tradition of questioning whatness in philosophical thinking. Casting human being hermeneutically as whoness opens up new insights into how human beings sociate in interplays of mutual estimation that are simultaneously social power plays. Hitherto, the ontology of social power in all its various guises, has only ever been implicit. This book makes it explicit. The kind of social power prevalent in capitalist societies is that of the reified value embodied in commodities, money, capital, & co. Reified value itself is constituted through an interplay of mutual estimation among things that reflects back on the power interplay among whos. In this way a new critique of capitalism becomes possible. (shrink)

The basic elements in the ontology of human civilization are status functions. Those are functions that can be performed not in virtue of physical structure alone but only in virtue of collective acceptance by the community of a certain status. Money, property, government and marriage are all examples of status functions. Status functions are all created by repeated applications of the same logical operation, in a preliminary formulation: X counts as Y in context C.On examination it emerges that (...) all status functions are created by a certain kind of representation that has a logical form of a speech act that I call a “Status Function Declaration.” These are explained.This lecture was delivered without notes and the current publication is very informal. I hope the reader will forgive the informality. (shrink)

The basic elements in the ontology of human civilization are status functions. Those are functions that can be performed not in virtue of physical structure alone but only in virtue of collective acceptance by the community of a certain status. Money, property, government and marriage are all examples of status functions. Status functions are all created by repeated applications of the same logical operation, in a preliminary formulation: X counts as Y in context C.On examination it emerges that (...) all status functions are created by a certain kind of representation that has a logical form of a speech act that I call a “Status Function Declaration.” These are explained.This lecture was delivered without notes and the current publication is very informal. I hope the reader will forgive the informality. (shrink)

A review of U. Mäki (ed.). Fact and Fiction in Economics, Cambridge: Cambridge University Press, 2003. pp. xvi 384. ISBN 0521 00957. As people interested mainly in theory, methodologists and philos...

Presenting legal and philosophical essays on money, this book explores the conditions according to which an object like a piece of paper, or an electronic signal, has come to be seen as having a value. Money plays a crucial role in the regulation of social relationships and their normative determination. It is thus integral to the very nature of the "social," and the question of how society is kept together by a network of agreements, conventions, exchanges, and codes. (...) All of which must be traced down. The technologies of money discussed here by Searle, Ferraris, and Condello show how we conceive the category of the social at the intersection of individual and collective intentionality, documentality, and materiality. All of these dimensions, as the introduction to this volume demonstrates, are of vital importance for legal theory and for a whole set of legal concepts that are crucial in reflections on the relationship between law, philosophy, and society. (shrink)

This paper investigates ontological dimensions of the blockchain by asking what kind of socio-technical object bitcoin is. It discusses both blockchain's political qualities and the political forms enabled by its emergence. It first observes recent approaches to the ontology of money and the political qualities of the ledgers used by the current fractional reserve banking model. It then directs the same questions at blockchain technology. The paper discusses an ontology proposed by Ole Bjerg and argues in favour (...) of a mixed-ontology approach to blockchains. It then questions the political qualities of the distributed ledger as a digital object and highlights the apparent absence of authority figures in the model. Finally, it argues that the political ontology of the blockchain can be framed as the displacement of authority from institutional actors into instrumental control of trust, in a dynamically distributed environment. (shrink)

This paper addresses a gap in knowledge concerning heterogeneity in stakeholder expectations of Corporate Responsibility. Past research concentrates onprioritising stakeholders in groups, such as groups of employees, customers, investors, suppliers, etc. It has, however, been suggested that stakeholders do not consist of homogenous groups, but differ according to individual needs and expectations. A latent class model is proposed as a method to investigate heterogeneity within stakeholder groups and to identify homogenous subpopulations within stakeholder groups who share similar expectations of Corporate (...) Responsibility. Latent Class Analysis is a relatively new method being used for segmentation purposes, applied mainly by research in Sociology and the Social Sciences. The contribution is thus twofold: to identify subgroups of stakeholders with reference to their attitudes to Corporate Responsibility and the application of a research technique not widely used in the Corporate Responsibility field before. (shrink)

This paper provides an empirical test of a model for the strategic management of stakeholders. More specifically, it provides a methodology that linksstakeholder expectations of business with the strategic expectations of managers. This is achieved by operationalising the idea of bi-directionality in stakeholder research and by applying rigorous statistical data analysis.

First Published in 1999. Routledge is an imprint of Taylor & Francis, an informa company.

The diverse historical, cultural, and physiological influences that determine sexual orientation are the focus of this fascinating work by one of the foremost investigators of human sexuality. Drawing on case studies from his sexology clinic, the author explores such topics as prenatal and postnatal history, gender differentiation in childhood, and postpubertal hormonal theories. In so doing, he addresses the many enigmas of sexual orientation: What makes some children grow up to be homosexual, while others become heterosexual or bisexual? To what (...) degree is gender identity determined before birth? How do the concepts of masculine and feminine become differentiated during childhood? What do we know about the relationship between hormones and homosexuality in adulthood? A unique feature of this book is the follow-up reporting on Money's long-term studies that began over three decades ago. The studies are brought together here for comparison with one another--and with the work of others--and their full significance is systematically evaluated. Also explored here is his pioneering concepts of lovemaps, the pathways of individual sexual and erotic development, and the factors that may shape overall healthy or pathological orientation, paraphilia, and gender transposition in childhood, adolescence, and maturity. Written in accessible language for researchers and clinicians, this authoritative work is both thought-provoking and informative as it explores timely questions of sexual orientation. (shrink)

Reviews the diverse historical, cultural, and physiological influences that determine sexual orientation.

Contrary to the rarity of totipotent cells in animals, almost every cell formed by a fungus can function as a “stem cell”. The multicellular fruiting bodies of basidiomycete fungi consist of the same kind of filamentous hyphae that form the feeding phase, or mycelium, of the organism, and visible cellular differentiation is almost nonexistent. Mushroom primordia develop from masses of converging hyphae, and the stipe (or stem), cap, and gills are clearly demarcated within the embryonic fruiting body long before the (...) organ expands and unfolds through water uptake and cell wall loosening.aThough frequent references are made to gilled mushrooms in this article, the totipotent nature of fruiting body cells and lack of meristems is also applicable to basidiomycetes that spread their spore‐producing tissues inside tubes (e.g., boletes), over spines and rippled surfaces, or form spores in cavities within the fruiting body. Even in the mature mushroom, every hypha retains its totipotency. Among animals, only sponges exhibit a similar degree of developmental flexibility, which is interesting, because these simple metazoans may be relatively close relatives of fungi. BioEssays 24:949–952, 2002. © 2002 Wiley Periodicals, Inc. (shrink)

This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and (...) made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant. (shrink)

In response to the IABS conference theme to “advise practitioners,” this paper is framed in terms of two questions that have been found to be critical to practitioners. These are “what is Corporate Responsibility and how to do it” and “what is the value of Corporate Responsibility.” The paper uses theories from within the academic literature to develop a model to answer these two practitioner-based questions. An empirical framework based upon the model is developed and tested with a study of (...) customers of a financial service organisation in the UK. (shrink)

Motivated by the ongoing controversy surrounding corporate tax, this article presents a study that explores stakeholder expectations of corporate tax in the context of UK business. We conduct a qualitative analysis of in-depth interviews with representatives of community groups, as well as interviews with those representing business groups. We then identify eight themes that together describe “what” companies need to do, “how” they need to do it, and “why” they need to do it, if they wish to appeal to a (...) wide group of interested parties. We discuss our findings based on the corporate social responsibility literature and propose novel ways for community groups and business groups to connect on the topic of corporate tax, suggesting opportunities and themes for dialogue and potential steps to co-create solutions in a stakeholder society. (shrink)

This article is concerned with the structure of monetary denominations of economic value. Marx and Simmel analyze this structure by means of references to objects of mere catallactic validity. These objects are ontologically atypical insofar as they are particulars of the genus commodity. Understanding money through generic particulars elucidates the conceptual link between money as a unit of account and money as a means of payment. This initially perplexing idea captures a fundamental characteristic of money without (...) committing to either a commodity theory or a claim theory of money. A modification of the notion ‘commodity’ allows for a conception of money as a generic particular that is consistent with contemporary accounts of money as abstract purchasing power residing in different forms of liabilities and claims denominated in a common quantitative scale. (shrink)

In Britain, substantial cuts in police budgets alongside controversial handling of incidents such as politically sensitive enquiries, public disorder and relations with the media have recently triggered much debate about public knowledge and trust in the police. To date, however, little academic research has investigated how knowledge of police performance impacts citizens’ trust. We address this long-standing lacuna by exploring citizens’ trust before and after exposure to real performance data in the context of a British police force. The results reveal (...) that being informed of performance data affects citizens’ trust significantly. Furthermore, direction and degree of change in trust are related to variations across the different elements of the reported performance criteria. Interestingly, the volatility of citizens’ trust is related to initial performance perceptions, and citizens’ intentions to support the police do not always correlate with their cognitive and affective trust towards the police. In discussing our findings, we explore the implications of how being transparent with performance data can both hinder and be helpful in developing citizens’ trust towards a public organisation such as the police. From our study, we pose a number of ethical challenges that practitioners face when deciding what data to highlight, to whom, and for what purpose. (shrink)

This paper addresses a gap in knowledge concerning heterogeneity in stakeholder expectations of Corporate Responsibility. Past research concentrates onprioritising stakeholders in groups, such as groups of employees, customers, investors, suppliers, etc. It has, however, been suggested that stakeholders do not consist of homogenous groups, but differ according to individual needs and expectations. A latent class model is proposed as a method to investigate heterogeneity within stakeholder groups and to identify homogenous subpopulations within stakeholder groups who share similar expectations of Corporate (...) Responsibility. Latent Class Analysis is a relatively new method being used for segmentation purposes, applied mainly by research in Sociology and the Social Sciences. The contribution is thus twofold: to identify subgroups of stakeholders with reference to their attitudes to Corporate Responsibility and the application of a research technique not widely used in the Corporate Responsibility field before. (shrink)

In this thesis I determine what is required in an account of money. I compare John’s Searle’s idea of institutions, as ontologically subjective, to Francesco Guala’s idea of an institution as a functional, rule-based equilibrium. I find both, as accounts of money, to be inadequate on their own. In response, I develop a new account of money which has functional components akin to Guala’s but with the addition of intentionality. This adds mind-dependence back into the account of (...) money but, if Khalidi’s theory of social kinds is correct, my account of money is still open to scientific investigation, because it might be kind of natural. (shrink)

Theorists and practitioners in the fields of both Corporate Responsibility and Corporate Reputation have recently stressed the importance of taking a stakeholderperspective when researching the nature, development and impact of these concepts. While models of Corporate Reputation, such as the Reputation Quotient and SPIRIT were developed by actively engaging stakeholders in research, models of Corporate Responsibility have been developed in a more theoretical manner. There have thus been calls for the research approaches taken in reputation research to be applied to (...) the field of responsibility. This paper answers these calls and thereby provides two related outcomes: First, a conceptualisation of Corporate Responsibility is developed that draws directly upon stakeholder perceptions (in this case customers and employees of a financial institution). Secondly, a comparison between this conceptualisation and two existing models of Corporate Reputation is conducted. A formal comparison between the model of Corporate Responsibility developed in this paper and the RQ and SPIRIT models of Corporate Reputation suggests that there are considerable similarities between stakeholder conceptualisations of responsibility and models of reputation.Stakeholders may therefore not view responsibility separate from reputation, but rather as a largely overlapping concept. Questions about the causal relationship between the two concepts are also discussed. (shrink)